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Android App to Convert Bolivars to Petro-Pegged Currency Launches by Venezuela’s Central Bank



Android App to Convert Bolivars to Petro-Pegged Currency Launches by Venezuela’s Central Bank
Source: Unsplash

The Central Banks of Venezuela, the Banco Central de Venezuela has currently introduced an Android App with the intention to convert the nation’s old-fiat tokens, the bolivar into the newly developed Petro-pegged Bolivar Soberano.

The digital app first got revealed by the Bloomberg called the “Calculadora Soberana” (Sovereign Calculator). Well, this tech does not figure out the complex maths rather is smart enough to take out the five zeros away from the existing fiat currency, Bolivar to a new crypto-pegged token, by figuring 1:100,000 conversion.

It can be said that the app already gained popularity during a press conference, as t was installed by almost 10,000 times with a rating of 4.7 stars on the Google Play Store App. The sources said that it was evaluated by 184 people before getting rated.

Moreover, the sources claim that the app also holds the capacity to update its users with all the latest information related to the conversion of the currencies.

In the month of July, Nicolas Maduro the leader of Venezuelan devalued the fiat currency of Venezuela by 95% and also converted the new Bolivar to the existing backed-cryptocurrency, the Petro (PTR). After taking such step he confirmed the native that Petro will be treated like an alternate currency in the nation.

These confused steps taken by the Venezuelan leaders made the nation a paralyzed country in terms of economic status. The natives of the country were lost in dilemma resulting in lots of restrictions for the withdrawal of currency.
The situation goes worst in the country when some of the merchants got arrested accused of exorbitant prices as they were in a rush to take advantages of the turmoil.

Coming to Venezuelan Petro, the sources reported that the South American country tested the Petro many times before titling it as the alternate currency. In the year 2017, the country also stated that they may charge for the exports for the cryptocurrency that are oil-backed. The fun part was that it offered a 30% discount to India on crude oil only if paid in PTR, but India rejected the proposal.

The official post of the Central bank read as “a tool for everyone and all the Venezuelan’s, and the best ally people will have to understand and assimilate the monetary re-domination process.”

The executive secretary of Venezuela’s Blockchain Observatory, Daniel Pena claimed that the impact of Petro will be felt honored within three to six months.

The platform revealed the launch of Cryptocurrency very late in the previous year as the currency was surrounded by controversies where Venezuela’s National Assembly poised it as unconstitutional whereas the nations Brooking Institute claimed it to be legitimate cryptocurrencies.

The shocking part is that Donald Trump, US President banned the Petro and informed all its natives not to invest in the Petro, the time when Venezuela stated it to be a “free publicity”.

Nevertheless, after witnessing so many challenges the Petro currency has finally gained its value and now being accepted by the central bank of Venezuela, it’s really worth noting.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.